NEW YORK, March 21, 2016 /PRNewswire/ -- This BCC Research report includes factors currently driving and restraining the growth of the market, as well as factors impacting the future of the industry. Includes forecast through 2020.
Use this report to:
Understand drivers, restraints and opportunities and innovation in agricultural micronutrients market.
Identify major regions and countries that will drive the future growth of the global agricultural micronutrients market.
Analyze the various applications modes in different crop types for the agricultural micronutrients market.
Gain information on the major stakeholders in the market and competitive landscape for the market leaders.
The global agricultural micronutrients market reached nearly $4.8 billion in 2015 and should reach $7.0 billion in 2020, at a compound annual growth rate (CAGR) of 8.0% from 2015 to 2020.
Zinc based agricultural micronutrients market reached nearly $1.4 billion in 2015 and should reach $2.1 billion by 2020, with a CAGR of 8.8%.
Boron based agricultural micronutrients market reached $1.1 billion in 2015 and should reach nearly $1.7 billion by 2020, with a CAGR of 8.5%.
Recent changes in environment conditions, degradation of nutritional inputs of soils and other factors have triggered micronutrient deficiencies in soils globally. For crops, major micronutrients are boron, iron, copper (Cu), zinc (Zn), molybdenum (Mo), manganese (Mn) and nickel (Ni). Demand for the crop micronutrients market is triggered by both demand and supply factors such as rising demand for higher volume of food products caused by the rising global population, decrease in per capita arable land, increase in demand for nutritional values in food items, increase in cereals and grains production and innovation of new products related to crop micronutrients, among others.
Functionality of micronutrients varies significantly with respect to crop types and nutritional requirements of plants. Zinc activates dehydro-genases and carbonic anhydrase production in plants. Moreover, zinc deficiency hampers auxin production in buds and shoots of plants. Zinc deficiency in plants results in growth reduction, yellowing of leaves and dwarfism. Iron activates production peroxidases, catalases and various cytochromes in plants. Moreover, iron is indispensible for biosynthesis of chlorophyll in plants. Iron deficiency results in lack of green coloring of fruits and vegetables, cereals and grains, oilseeds and pulses, and flower plants. Manganese acts as an auto catalyst during photosynthesis, nitrogen metabolism and carbon-dioxide assimilation in plants.
Manganese deficiency results malnutrition, rustiness of leaf and lack of growth. Copper stimulates production of cytochrome oxidase and chlorophyll in plants. More than 65% of copper in plants is concentrated in the chlorophyll. Copper deficiency in plants results in aging and decline in performance. Boron ensures transportation of carbohydrates throughout cell membrane and vital parts of plants.
The presence of boron maximizes production of sugar and starch in crops. Boron deficiency in plants results in death of new plant leaves, abnormal formation of tissues and abnormal formation of plant parts. Molybdenum ensures formation of nitrogenase, nitrate reductase and ascorbic acid in plants. Molybdenum deficiency in plants results in a reduction in inorganic nitrates, abnormal coloration of body parts and abnormality in body shape.
With the change in external environment conditions and change in ecological balance, overall deficiency of micronutrients in soils has increased significantly across different countries. Moreover, shortage in micronutrients has increased globally due to widespread use of chemical fertilizers, intensive cropping pattern, extensive irrigation facilities and mining of micronutrient resources. These factors have conjointly triggered demand side growth of the crop micronutrients market.
Furthermore, growing penetration of varieties of crop micronutrients products has increased its applications for different crop types such as fruits and vegetables, cereals and grains, oilseeds and pulses, and floriculture, among others. Easy handling and flexibility of micronutrients in terms of different application modes soil application modes such as fertigation, foliar, soil and hydroponics also positively impacted the growth of the market. Because of these factors, the crop micronutrients market has huge potential, and is expected to experience significant growth during the forecast period of 2015 to 2020.
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